MPC Container Ships (Hold, TP: NOK16.70) - Agrees to buy Songa Container AS
MPC Container Ships (MPCC) is set to add 11 feeder vessels to its fleet in a cash/share deal after agreeing to acquire Songa Container AS for USD210m. The deal would add further operating leverage in a buoyant container market at an attractive price, in our view. Adjusted for the acquisition, the implied 2021 EBITDA guidance mid-point was lifted in line with our estimate, with still-significant potential for 2022–2023e at current freight rates. A webcast is scheduled at 10:00 CEST.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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